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marin [14]
3 years ago
15

Tone Loc and 89 of his biggest fans formed an S corporation, 2hit, Inc., as the original ninety shareholders. Tone then transfer

red some of his stock to his grandfather, four of Tone's cousins, five of Tone's children, three of Tone's grandchildren, and 2 close friends. For the S corporation shareholder limit rules, how many shareholders does 2hit, Inc. have?
Business
1 answer:
jolli1 [7]3 years ago
4 0

Answer:

The answer is: 92 shareholders

Explanation:

According to the S corporation shareholder limit rules, family members count only as 1 shareholder. The meaning of family member is very broad, including spouses, uncles, aunts, children, grandparents, grandchildren, first cousins, and even ex-spouses count as members of the same family.

So that means that Tone Loc, his grandfather, his four cousins, his five children and three of his grandchildren, will all together count as just one shareholder.

His two friends are not included in his family.

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Lake Charles Seafood makes 500 wooden packing boxes for fresh seafood per​ day, working in two​ 10-hour shifts. Due to increased
Zepler [3.9K]

Answer:

productivity level per hour= 27 boxes per hour per shift.

Explanation:

Giving the following information:

company productivity per hour:

500 boxes in 20 hours= 25 boxes per hour

The new shift will increase 8 hours a day and 150 boxes. Therefore the new productivity per hour is:

productivity level per hour= 650/24 hours= 27 boxes per hour per shift.

8 0
4 years ago
Candy Canes Inc. spends $100,000 to buy sugar and peppermint in April. It produces its candy and sells it to distributors in May
Pie

Answer:

April,

  • Sales is zero
  • Net income is zero
  • Net cash flow is an outflow of $100,000 (used in the purchase of raw materials)

May,

  • Sales is $150,000
  • Net income is $500,00
  • Net cash flow is zero

And in June;

  • Sales is zero
  • Net income is zero
  • Net cash flow is an inflow of $150,000 (amount received from customers)

Explanation:

In April, the company purchased raw materials (Sugar and Peppermint) for $100,000. The entries posted are debit to Inventories and Credit to Cash account (both amounting to $100,000 each).

As such in April,

  • Sales is zero
  • Net income is zero
  • Net cash flow is an outflow of $100,000 (used in the purchase of raw materials)

It produces its candy and sells it to distributors in May for $150,000, but it does not receive payment until June.

When the sale is made in May, the entries required is Debit accounts receivables $150,000 and Credit Sales revenue $150,000. Also, Debit cost of goods sold $100,000 and Credit Inventories $100,000.

Net income is the difference between sales and cost of sales.

As such in May,

  • Sales is $150,000
  • Net income is $500,00
  • Net cash flow is zero

For June,

Payment for goods sold in May were received, entries posted are debit to cash account and a credit to accounts receivables (both balance sheet accounts), hence;

  • Sales is zero
  • Net income is zero
  • Net cash flow is an inflow of $150,000 (amount received from customers)
6 0
4 years ago
Which of the following is a low-interest loan to students with very high financial need? A.Direct PLUS B.Pell C.Gates D.Perkins
8090 [49]
My answer would have to be D.Perkins
7 0
4 years ago
Read 2 more answers
Davidson Software Technologies believes in hiring only the best programmers in the industry. As a result, it uses a comprehensiv
Vladimir [108]

Answer:

The correct answer is C

Explanation:

HRM system is the system which is designed in order to automate the business process of human resource, compliance, transactions and payroll. This system allows the business to focus on the people through streamlining all the software workforce into the business intelligence solution.

Recruitment and selection is the procedure of identifying the requirement of job and defining the need of the position, advertising the position and selecting the appropriate person for the position.

Therefore, the recruitment and selection is the component of HRM system which uses the hiring procedure that comprise of testing and interviewing the professionals.

7 0
3 years ago
For the typical urban transit coach, __ ______ per mile is typical Select one:
VARVARA [1.3K]

I believe the answer is: A. 7 stops

Urban areas usually require one transits every 1/4 mile as its bare minimum (which is around 4 stops in one mile). This large amount exist because in urban areas such as new york , most of the people actually do not own a personal vehicles and public transportation are their main method of travel.

8 0
4 years ago
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